|Account Name||Postal Savings 180 Day Notice (1st issue)|
|What is the interest rate?||
Interest is calculated on the daily balance of the account.
Interest payable annually on 31 December
|Can Mansfield Building Society change the interest rate?||
This is a variable rate savings account and we have the right to vary the interest rate at any time.
If we change interest rates to your disadvantage on a variable rate account we will notify you in writing at least 14 days prior to the rate change.
For more information on changing interest rates please see section 7 of our General Account Terms and Conditions.
|What would the estimated balance be after 12 months based on a £1,000 deposit?||
This projection is provided for illustration purposes only and does not take into account your individual circumstances. This assumes that the account is opened on 1 January with a £1,000 cash deposit and that no further deposits or withdrawals are made during the first 12 months.
|How do I open and manage my account?||
Our savings accounts are exclusively available to United Kingdom residents. Our savings accounts are only available to non-United Kingdom residents if they are already existing members.
Simply complete an application form and send it to us through the post.
A minimum opening and operating balance of £1,000 is required. Additional deposit and withdrawal transactions are subject to a minimum of £100.
The account can be added to at any time, subject to a maximum investment amount of £250,000. The total maximum investment holding in the Society is £400,000 per person.
All transactions must be conducted exclusively through the postal system, although receipts are acceptable by cheque and standing order, for security reasons we cannot accept cash payments. Any cash deposits will be returned without any liability on our part.
|Can I withdraw money?||
Withdrawals or closure are subject to 180 days written notice and will be by cheque through the post only. Transfers to another account with us are also still subject to 180 days written notice.
Withdrawals will be by cheque made payable to the account holder(s) and posted to the registered correspondence address. Please allow us 3-4 days to process withdrawal requests.
A variable rate savings account for investors who want a higher return on their savings with 180 days written notice.
Interest on a sum deposited by cheque is calculated from and including the day after we receive it. We calculate interest on a sum withdrawn up to and including the day before withdrawal.
Interest is paid gross without tax deducted.
Interest can be added to your account, credited to another account with the Society, or sent direct to your bank account.
Before applying for one of our savings products, please read this in conjunction with our General Account Terms and Conditions, which provides full details of the terms and conditions applied to this and other accounts offered by us.
Where there is a conflict between information displayed on the product and the General Account Terms and Conditions, the terms of the product will apply.
The General Account Terms and Conditions are provided to all new account holders and are also available on request.
You can send your application form through the post or visit one of our branches to speak to a member of staff who will be able to talk you through the application process.
In common with other financial organisations we will need evidence of identification and proof of residency. Please see the You and Your Savings Account leaflet for details.
If you are not happy about your choice of account, you may cancel it within 14 days of: the day you enter into the contract, or the day on which you receive the contract terms and conditions and other information on paper or electronically, whichever is later.
We will help you switch to another of our accounts or we will give you all your money back with any interest it has earned. We will ignore any notice period and any extra charges.
All new customers opening a savings account will be required to sign a declaration agreeing to assign any windfall conversion benefits to the Charities Aid Foundation. This assignment will apply for the first 5 years of membership. Existing members with continuous membership prior to the effective date are not affected. Our Charitable Assignment Scheme leaflet provides full details.
1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. AERs on the Monthly Income account assume interest is added to the account each month although in practice the option to have interest added in this way is not available.
2. The gross rate is the contractual rate of interest payable without tax taken off.
If separate AER/Gross rates are not quoted, both rates are identical.
^Tax free means exempt from UK income and capital gains tax in the hands of the investor.
These account details apply to personal investors only unless stated in the detailed information.
The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049. Member of the Building Societies Association.
Date printed: 21/08/2019 08:01:10 am
Page last updated: 04/07/2019 10:10:34 am
Page last updated: 04/07/2019 10:10:34 am